§ 4-88-701. Short title
This act shall be known and may be cited as the “Fair Gift Card Act”.
§ 4-88-702. Definitions
As used in this subchapter: (1) “Debit card” means any card issued by a financial institution to a consumer for use in initiating an electronic fund transfer from the account of the consumer at the financial institution for the purpose of transferring money between accounts or obtaining money, property, labor, or services; (2) “Dormancy fee” […]
§ 4-88-703. Regulation of unfair and deceptive acts and practices in connection with gift cards
(a) A person shall not sell or issue a gift certificate, a store gift card, or a general use prepaid card that is subject to an expiration date earlier than two (2) years from the date of issuance or sale of the gift certificate, store gift card, or general use prepaid card. (b) A dormancy […]
§ 4-88-704. Exclusions
The prohibitions and requirements of this subchapter shall not apply to gift certificates, store gift cards, or general use prepaid cards that: (1) Are distributed pursuant to an award, loyalty, or promotional program and for which there is no money or other value exchanged; (2) Expire not later than thirty (30) days after the date […]
§ 4-88-705. Enforcement
A violation of the provisions of this subchapter shall constitute a deceptive and unconscionable trade practice as defined by § 4-88-101 et seq. and is subject to all the authority, remedies, and penalties granted under those sections.
§ 4-88-706. Rules
(a) The State Bank Department shall promulgate rules pertaining to the regulation of state-chartered banks and the selling of gift cards. (b) The department shall have authority of the sale of gift cards by state-chartered banks and promulgate rules based on guidance issued by the Comptroller of the Currency in the Office of the Comptroller […]